Transfer money to US

[gtm2k]

Hello all,

I need to transfer cash (to a personal savings ac in the US) and would like to know what is the best way forward for this.

My recent transfer of $2000 - i converted THB into USD - i ended up paying almost THB 66000+ for a $2000 transfer - this included the transfer fees as well.

(For a transfer of $2000 , an exch rate of 32.65 was applied)

The transfer was done from kasikorn bank - is there a better way / any other recommended bank to do this ? I would need to make another transfer soon and would basically want to reduce excess amount which happens as a result of conversion.

Any suggestions / recommendations welcome please !

Thank you !

gtm2k

[Pib]

Probably not because Thai banks give a better rate to buy your baht than western banks. We've seen in over and over in ThaiVisa posts about the poorer rate you get for buying or selling baht at banks outside of Thailand...some western banks have exchange calculators on their websites where you can see the rate they will give and every time I've checked such bank calculators the rate has been significantly worst than what the Thai banks give. Outside of Thailand the baht is pretty much monopoly money since it's not a major currency and is basically not used outside of Thailand like major currencies such as the USD, Euro, GBP, etc.

[oneday]

Consider yourself fortunate the bank gave you no hassle to transfer the money back to the US. Several posts recently have talked about grief from banks when trying to send money back to the US.

And as Pib said your best exchange rate is going to be from a Thai bank.

[CMBob]

OP, I'm having a bit of difficulty figuring out your problem. Your "+" sign seems to indicate you paid more than 66,000 baht for a $2,000.00 transfer to your US account but, without knowing what you really paid, I'm not sure how anybody can suggest if you had a bad deal or not.

For example, if the exchange rate was 32.65 baht to the dollar as you say (which seems like a decent rate given it's less than that at Kasikorn today), then 66,000 baht translates into exactly $2,021.44 - which, unless my soggy Songkran brain isn't working right, means you paid $21.44 to make the transfer? I'm not sure how you can get a better deal than that (seems relatively cheap to me).

Edited April 14, 2014 by CMBob

[hhfarang]

First, transfer in dollars, you get a better rate here because western banks don't want your baht. Use Bangkok Bank because they are an international bank (your transfer will first go to their branch in New York, then to your bank) and are set up for doing it easily. I recently transferred 7.5m baht with no hassle. We just had to fill out some paperwork that asked among other things where the money came from and what was the purpose of the transfer. The cost was minimal, I don't remember exactly how much but it was a few hundred baht. It took 3 days to show up in my Bank of America Account. We did have to open a Bangkok Bank account and both accounts are joint accounts in both my and my Thai wife's name (I don't know if that made a difference or not).

The manager at my local Bangkok Bank branch told me we could transfer out up to one million U.S. dollars per year with no problems.

[wayned]

On the 28th of February, I transferred $28000 to a US bank account. I used Krug Thai Bank. I paid 32.72 baht/dollar and was charged 300 baht service charge by Krug Thai. The recipient bank in the US deducted $20 for processing the transfer.

[gtm2k]

CMBob

and,

hhfarang

Thank you for your individual responses ... i was basically trying to figure out if i paid too much in fees and exchange rate conversion in order to complete the transfer. But as hhfarang rightly points out , "western banks don't want your baht" : i guess the best option is to continue sending the cash via KBANK (their rate so far seems to be the lowest in comparison to other banks)

Thank you all

[how241]

Consider yourself fortunate the bank gave you no hassle to transfer the money back to the US. Several posts recently have talked about grief from banks when trying to send money back to the US.

And as Pib said your best exchange rate is going to be from a Thai bank.

+1...Lucky they did not require a lot of papers showing the incoming transfer.

[Pib]

CMBob

and,

hhfarang

Thank you for your individual responses ... i was basically trying to figure out if i paid too much in fees and exchange rate conversion in order to complete the transfer. But as hhfarang rightly points out , "western banks don't want your baht" : i guess the best option is to continue sending the cash via KBANK (their rate so far seems to be the lowest in comparison to other banks)

Thank you all

I just used this website to check Kbank Thai baht to USD rate (a.k.a., Selling Rate) and it was tied with Bangkok Bank for the "worst" Selling Rate at this millisecond in time. Or said another way, you had to pay more Thai baht for each USD you bought.

[gandalf12]

There is an app for Android and no doubt for iOS as well called "Best Thai Exchange Rate"

It will give you the bank offering the best rates for changing from foreign currency to Baht. It may give you an indication as to which bank to make a transfer from

[maderaroja]

First, transfer in dollars, you get a better rate here because western banks don't want your baht. Use Bangkok Bank because they are an international bank (your transfer will first go to their branch in New York, then to your bank) and are set up for doing it easily. I recently transferred 7.5m baht with no hassle. We just had to fill out some paperwork that asked among other things where the money came from and what was the purpose of the transfer. The cost was minimal, I don't remember exactly how much but it was a few hundred baht. It took 3 days to show up in my Bank of America Account. We did have to open a Bangkok Bank account and both accounts are joint accounts in both my and my Thai wife's name (I don't know if that made a difference or not).

The manager at my local Bangkok Bank branch told me we could transfer out up to one million U.S. dollars per year with no problems.

When one is in Thailand, how does one set up an account in the Bangkok Bank in the U.S.?

[riceyummm]

First, transfer in dollars, you get a better rate here because western banks don't want your baht. Use Bangkok Bank because they are an international bank (your transfer will first go to their branch in New York, then to your bank) and are set up for doing it easily. I recently transferred 7.5m baht with no hassle. We just had to fill out some paperwork that asked among other things where the money came from and what was the purpose of the transfer. The cost was minimal, I don't remember exactly how much but it was a few hundred baht. It took 3 days to show up in my Bank of America Account. We did have to open a Bangkok Bank account and both accounts are joint accounts in both my and my Thai wife's name (I don't know if that made a difference or not).

The manager at my local Bangkok Bank branch told me we could transfer out up to one million U.S. dollars per year with no problems.

When one is in Thailand, how does one set up an account in the Bangkok Bank in the U.S.?

They are automatically linked, you don't need a separate BKB New York Branch account. At least this has been my experience and I have done it many times.

[ajarnmarc]

I'm also interested in doing the same,

so thanks to all for the great info.

[Pib]

First, transfer in dollars, you get a better rate here because western banks don't want your baht. Use Bangkok Bank because they are an international bank (your transfer will first go to their branch in New York, then to your bank) and are set up for doing it easily. I recently transferred 7.5m baht with no hassle. We just had to fill out some paperwork that asked among other things where the money came from and what was the purpose of the transfer. The cost was minimal, I don't remember exactly how much but it was a few hundred baht. It took 3 days to show up in my Bank of America Account. We did have to open a Bangkok Bank account and both accounts are joint accounts in both my and my Thai wife's name (I don't know if that made a difference or not).

The manager at my local Bangkok Bank branch told me we could transfer out up to one million U.S. dollars per year with no problems.

When one is in Thailand, how does one set up an account in the Bangkok Bank in the U.S.?

They are automatically linked, you don't need a separate BKB New York Branch account. At least this has been my experience and I have done it many times.

The Bangkok Bank "New York" branch is for cooperate customers; not retail customers. A retail customer cannot open an account with the NY branch nor do they need to in order to accomplish a low cost ACH funds transfer from a person's U.S. bank. You can use the New York branch ACH routing number to transfer funds to your "in-Thailand" Bangkok Bank branch savings account number. So, open a Bangkok Bank account at an "in-Thailand" Bangkok Bank branch and then just follow the ACH funds setup/transfer instructions at this Bangkok Bank webpage. I've done such transfer many times over the years.

[jcnbkk]

First, transfer in dollars, you get a better rate here because western banks don't want your baht. Use Bangkok Bank because they are an international bank (your transfer will first go to their branch in New York, then to your bank) and are set up for doing it easily. I recently transferred 7.5m baht with no hassle. We just had to fill out some paperwork that asked among other things where the money came from and what was the purpose of the transfer. The cost was minimal, I don't remember exactly how much but it was a few hundred baht. It took 3 days to show up in my Bank of America Account. We did have to open a Bangkok Bank account and both accounts are joint accounts in both my and my Thai wife's name (I don't know if that made a difference or not).

The manager at my local Bangkok Bank branch told me we could transfer out up to one million U.S. dollars per year with no problems.

When one is in Thailand, how does one set up an account in the Bangkok Bank in the U.S.?

You set up an account at a local BB branch. To transfer money to BB from US you use your US bank website>transfer to>new acc. Use your local BB acc # with the routing # of BB NY. After a couple of test transfers by your US bank you verify the amounts received in Thailand (a matter of a few cents, you have to find out the dollar amount by calling BB cust. serv.) then your good to go. Transfers can then be done online, considered ACH transfer as though US to US, it costs me $3 and whatever the conversion difference. I've never transferred money in reverse, from BB to US bank. I always seem to spend all I send. But I'd like to hear from someone if they have.

[jcnbkk]

First, transfer in dollars, you get a better rate here because western banks don't want your baht. Use Bangkok Bank because they are an international bank (your transfer will first go to their branch in New York, then to your bank) and are set up for doing it easily. I recently transferred 7.5m baht with no hassle. We just had to fill out some paperwork that asked among other things where the money came from and what was the purpose of the transfer. The cost was minimal, I don't remember exactly how much but it was a few hundred baht. It took 3 days to show up in my Bank of America Account. We did have to open a Bangkok Bank account and both accounts are joint accounts in both my and my Thai wife's name (I don't know if that made a difference or not).

The manager at my local Bangkok Bank branch told me we could transfer out up to one million U.S. dollars per year with no problems.

When one is in Thailand, how does one set up an account in the Bangkok Bank in the U.S.?

They are automatically linked, you don't need a separate BKB New York Branch account. At least this has been my experience and I have done it many times.

The Bangkok Bank "New York" branch is for cooperate customers; not retail customers. A retail customer cannot open an account with the NY branch nor do they need to in order to accomplish a low cost ACH funds transfer from a person's U.S. bank. You can use the New York branch ACH routing number to transfer funds to your "in-Thailand" Bangkok Bank branch savings account number. So, open a Bangkok Bank account at an "in-Thailand" Bangkok Bank branch and then just follow the ACH funds setup/transfer instructions at this Bangkok Bank webpage. I've done such transfer many times over the years.

And I just read this on their website:

Important Note

You cannot transfer funds from Bangkok Bank's account in Thailand to your account with banks or online payment service providers in the US via Bangkok Bank's New York branch and the ACH system. If you initiate direct debit or ACH debit transactions to Bangkok Bank's New York branch, banks in the US and online payment service providers may suspend your account.

And this:

Transfer funds overseas electronically (SWIFT Transfer)

To transfer funds via SWIFT to anywhere in the world, simply visit any Bangkok Bankbranch offering remittance services.

With several branches in other countries, as well as 2,000 partner banks across the globe, we can help you transfer funds to your recipient quicker, cheaper and with less fuss.

Click here to view International Funds Transfer Service Branches

Transfer funds overseas via Bualuang iBanking

A fast and flexible way to transfer money overseas is by using Bangkok Bank’s International Funds Transfer via Bualuang iBanking. You can select from 16 different currencies when you make your payment. Transfer records are kept online, giving you the ability to access and print them out any time.

An international funds transfer via Bualuang iBanking costs only 300Bt, a saving of 100Bt compared with the branch. Simply register for Bualuang iBanking and then apply forInternational Funds Transfer via Bualuang iBanking.

So I guess ACH only goes one way. But it still looks like a reasonable cost to swift transfer from BB.

[hhfarang]

First, transfer in dollars, you get a better rate here because western banks don't want your baht. Use Bangkok Bank because they are an international bank (your transfer will first go to their branch in New York, then to your bank) and are set up for doing it easily. I recently transferred 7.5m baht with no hassle. We just had to fill out some paperwork that asked among other things where the money came from and what was the purpose of the transfer. The cost was minimal, I don't remember exactly how much but it was a few hundred baht. It took 3 days to show up in my Bank of America Account. We did have to open a Bangkok Bank account and both accounts are joint accounts in both my and my Thai wife's name (I don't know if that made a difference or not).

The manager at my local Bangkok Bank branch told me we could transfer out up to one million U.S. dollars per year with no problems.

When one is in Thailand, how does one set up an account in the Bangkok Bank in the U.S.?

No, we only have a Bangkok Bank account in Hua Hin.

[Pib]

Yea, once setting up the ACH transfer link between your U.S. bank and Bangkok Bank branch, DO NOT attempt an ACH Funds Pull from your Bangkok Bank account as Bangkok Bank will reject the pull attempt back to your U.S. bank as Not Authorized and then your U.S. bank may think it was a fraudulent transfer attempt (like maybe someone hacked your account) and inactivate that transfer link even for outbound transfers....or even suspend your online banking until your bank figures out what really happened and it was indeed you which initiated the pull attempt. Kinda like how a bank will lock your credit/debit card if they think a fraudulent transaction has occurred and you contact the bank to discuss the situation.

Remember, Thailand is the Land of Smiles for Incoming Money but is the Land of Frowns for Outgoing money. Thai banks are just complying with Bank of Thailand regulations regarding the outflow of money which can only occur after certain conditions have been met...and you must work with your Thai bank to meet those conditions when wanting to send money out of Thailand.

Heck, when setting up the transfer link using trial deposits most banks also attempt to pull those two trial deposits back....over the last few years when setting up transfer links between my U.S. bank accounts I've seen that happen several times. However, when setting up the transfer links between several of my U.S. bank accounts to Bangkok Bank the trial deposits have never been pulled back because I figure Bangkok Bank is rejecting the pull attempt but with a response back to the U.S. bank that doesn't make the U.S. bank suspicious...just something a little different with ACH trial deposits compared to a regular ACH funds transfer I guess...however, those ACH trial deposits not being pulled back has never prevented any of my U.S. banks from establishing the transfer link.

With some U.S. banks when setting up the transfer link you can select a Send/Pull transfer option which use trial deposits, or just a Send option which usually does not send trial deposits just maybe some test messages between the banks which also means you don't have to find out what the trial deposit amounts were in order to complete the verification process. Sometimes when selecting the Send only option the transfer link may become active/ready for use immediately and in other cases it may take around 3 business days to go active/ready for use...that's been my personal experience with a couple of my banks...will vary from bank to bank how they handle the setup of ACH transfer links...but it all cases it's still easy.

[noodle]

 

First, transfer in dollars, you get a better rate here because western banks don't want your baht. Use Bangkok Bank because they are an international bank (your transfer will first go to their branch in New York, then to your bank) and are set up for doing it easily. I recently transferred 7.5m baht with no hassle. We just had to fill out some paperwork that asked among other things where the money came from and what was the purpose of the transfer. The cost was minimal, I don't remember exactly how much but it was a few hundred baht. It took 3 days to show up in my Bank of America Account. We did have to open a Bangkok Bank account and both accounts are joint accounts in both my and my Thai wife's name (I don't know if that made a difference or not).

The manager at my local Bangkok Bank branch told me we could transfer out up to one million U.S. dollars per year with no problems.

I think you mean 'a few hundred dollars'. Bangkok Bank charge 0.25% commission plus B400 fee for foreign currency transfers.

[hhfarang]

 

First, transfer in dollars, you get a better rate here because western banks don't want your baht. Use Bangkok Bank because they are an international bank (your transfer will first go to their branch in New York, then to your bank) and are set up for doing it easily. I recently transferred 7.5m baht with no hassle. We just had to fill out some paperwork that asked among other things where the money came from and what was the purpose of the transfer. The cost was minimal, I don't remember exactly how much but it was a few hundred baht. It took 3 days to show up in my Bank of America Account. We did have to open a Bangkok Bank account and both accounts are joint accounts in both my and my Thai wife's name (I don't know if that made a difference or not).

The manager at my local Bangkok Bank branch told me we could transfer out up to one million U.S. dollars per year with no problems.

I think you mean 'a few hundred dollars'. Bangkok Bank charge 0.25% commission plus B400 fee for foreign currency transfers.

No, I was surprised that the fee was around 400b only. My U.S. bank charged $20 to process the incoming wire I think, but there was no large fee on either end. Possibly, I'm mistaken and it went in baht instead of dollars, but I got a good rate at the time. The bank personnel did not speak very good English so the transfer may not have been exactly as I understood.

All I can tell you is it was easy, no proof of incoming funds previously to Thailand required, just a simple explanation for BOT of where the money came from (selling a house) and what it was going to be used for in the U.S. (buying a house), we got the exchange rate I expected, and the fees were minimal.

[vagabond48]

On the 28th of February, I transferred $28000 to a US bank account. I used Krug Thai Bank. I paid 32.72 baht/dollar and was charged 300 baht service charge by Krug Thai. The recipient bank in the US deducted $20 for processing the transfer.

I hope you don't mind answering a few questions

What kind of transfer was it?

Do you have a Krug Thai account?

What kind of proof did you show?

Thanks

Edited April 27, 2014 by vagabond48